Florida Home Prices Bottomed in 2009

By
Real Estate Agent with Downing-Frye Realty, Inc. Naples, FL
http://actvra.in/J2k

Florida Home Prices Bottomed in 2009

A new Florida resale home price index


A new measure for home sales, similar to the Standard & Poor's/Case Shiller-price index, was created by Florida Realtors Chief Economist John Tuccillo to be more accurately reflect home prices in Florida.

The new index pointed to 2009 as "the bottom" from a price perspective. According to Tuccillo, this was the time investors started to eye Florida for real estate deals. Since then the index has been relatively flat which is view as good thing since the runup in prices followed by the drop.


The new index showed property price increase of 152% from 2000 to 2006 and then a fall of 43% from the peak to mid-2009.

The index was developed in answer to concerns that the conventionally reported monthly median home prices doesn't offer a true measure of increasing or decreasing values. I agree with this wholeheartedly. The median sale prices indicate the price ranges that buyers are paying moving up or down and not necessarily property values.

The new Florida index is considered a "repeat sale index" as it compiles the data for resales of the same individual property over time. It's expected that the new index will be released quarterly but there is a time lag in the data. The first index reported is through August 2011.

This is one for us to track..

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Topic:
Real Estate General Information
Location:
Florida
Tags:
florida home price index

Comments 1 New Comment

Rainmaker
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Elite Home Sales Team
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Keller Williams Realty

I have always felt that the median is the worst measure of central tendency.

September 21, 2012 08:31 AM
Rainmaker
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Bob Pisa Downing-Frye Realty

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Additional Information

Bob Pisa Downing-Frye Realty

Outstanding Performance Award: 2011
Top Performance Award 2012
Gulfshore Life Magazine Five-Star Award: 2010, 2011, 2012, 2013

Author Bio: Bob Pisa moved to the Naples area after spending 30 years in the Boston area. He was raised in the metro-NYC area and graduated from the Rochester Institute of Technology (Rochester, NY) in 1974. His career has been primarily in high-technology manufacturing and enterprise software for multi-national companies. Bob was also a successful small business entrepreneur and ultimately sold his start up business after six years of operation to a major corporation. He is the former Vice President for the Grandezza Master Homeowner's Association (two terms) and former President of the Santa Lucia Homeowner's Association (three terms.) Bob attained his real estate license in 2005, and is working in commercial and residential real estate. He is a member of Naples Area Board of Realtors®, NAR, and Florida REALTORS.